New Accounting Rules May Take Quants By Surprise

Quant hedge funds are being caught out by new lease accounting rules brought in at the beginning of this year, that's according to a research note published earlier this week by Morgan Stanley. Q4 hedge fund letters, conference, scoops etc cloudhoreca / Pixabay Under new US and GAAP and IFRS accounting rules,...

Morgan Stanley: Avoid Goldman On 1MDB Risks

Morgan Stanley has downgraded Goldman Sachs on possible regulatory risks. In a research note published earlier today, Morgan Stanley analysts Betsy L. Graseck, CFA and Manan Gosalia, note that given the risks and uncertainties surrounding the 1MDB investigation, Goldman Sachs is now at risk of being handed what could be...

Morgan Stanley Loan Book Growth: More Risk Than Reward?

At the beginning of February, Goldman Sachs's chairman and CEO, Lloyd Blankfein told investors that the bank is willing to deploy more capital in its beaten up fixed-income, currency and commodities trading business to respond to a " more attractive opportunity set" in the current market environment. This announcement from...

Collateralized Loan Obligations Explained

Collateralized loan obligations, commonly termed a CLO, the spawn of collateralized debt obligations that were at the center of the global financial crisis, remains strong after a 2014 peak, a recent Morgan Stanley report notes. While the investment concept has its critics, the investment bank points out the mechanics...

Ariel Focus Fund Q3 2016 Commentary

Ariel Focus Fund commentary for the third quarter ended September 30, 2016. H/T Dataroma Also see Q3 2016 hedge fund letters Q2 2016 hedge fund letters Equity markets shook off the malaise that took hold at the end of the second quarter-remember Brexit?-to post a strong quarter all around. Returns were especially good in...

Activists' Use Of Investment Banks – Activist Insight

Activists' Use Of Investment Banks by Activist Insight As activism has grown, defending corporates has been a pretty tasty gig, with investment banks Morgan Stanley and Evercore and law firm Paul Weiss recruiting new talent to lead their practices in the last 18 months. This week, UBS got in on...

Morgan Stanley: Deleveraging Going Fine But China Is A Worry

Global Deleveraging - Using dulcet tones, a Morgan Stanley report on global debt and deleveraging notes progress but warns against a rapid expansion of the interest rate tightening cycle. As a result, don’t expect much more than a “tepid recovery in private demand.” What to watch is the debt...

Morgan Stanley Asks "Do Corporate Earnings Actually Matter?"

Morgan Stanley’s (Eccentric) Equity Strategist Adam Parker looks at the world through a traditional value investors view point and wonders how markets are determining price levels. With nearly three quarters of the market capitalization reporting second quarter earnings, he notes the positive trends but then questions a key relative...

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